Energy Fuels Receives Bullish Price Target Upgrade from B. Riley

Energy Fuels CA2926717083

Shares of Energy Fuels Inc. saw significant gains in today's trading session following a substantial price target increase from the analysts at B. Riley Securities. The move reflects growing confidence in the uranium and rare earth elements producer's project pipeline across the United States, Australia, and Madagascar.

The equity advanced approximately 7% during the day's session, reaching an intraday high of $24.35. By the afternoon, the stock was trading at $23.57. This upward movement was accompanied by elevated trading volume, with roughly 22 million shares changing hands compared to an average of about 15 million. With a market capitalization hovering near $5.2 billion, the stock is currently trading close to the upper end of its wide 52-week range of $3.20 to $27.33.

Analyst Upgrade Details

B. Riley analyst Matthew Key raised his firm's price target on Energy Fuels from $22 to $27 per share, marking an increase of over 23%. The new target implies a potential upside of about 14.5% from current levels. The analyst maintained a "Buy" rating on the shares.

Key cited several factors for the upgrade, including strengthened confidence in the rare earth element processing capabilities at the White Mesa Mill and supportive U.S. policy regarding critical minerals. The research note also identified multiple potential catalysts that could drive the stock higher:
* Progress on downstream mergers and acquisitions that may bolster valuations for uranium producers.
* Measurable advancements in Energy Fuels' core uranium business.
* Confirmation of terbium oxide reserves.
* A Final Investment Decision (FID) for the Donald Project in Australia.

The report further highlighted the stock's strong performance relative to other nuclear sector equities at the start of 2026.

Broader Analyst Sentiment

The B. Riley update joins a series of largely positive research notes, though opinions across Wall Street are not unanimous.
* On January 9, 2026, HC Wainwright & Co. reaffirmed its "Buy" recommendation with a $26.75 price target. This firm had previously raised its target significantly from $16.25 to $27.50 in October 2025.
* In contrast, Roth Capital adopted a more cautious stance, downgrading the stock to "Sell" in November 2025, though it simultaneously increased its price target from $7.25 to $11.50.

Aggregating the views of four covering analysts results in a consensus "Outperform" recommendation with an average price target of $20.06.

Project Milestones Underpin Optimism

The revised analyst outlook coincides with a period of significant project updates from the company. On January 15, 2026, Energy Fuels released a Bankable Feasibility Study for the Phase 2 expansion of its rare earth processing circuit at the White Mesa Mill in Utah.

Key financial metrics from the study include:
* Initial capital expenditure for the Phase 2 circuit: $410 million.
* After-tax net present value (NPV): $1.9 billion, with an internal rate of return (IRR) of 33% for the standalone project.
* A combined NPV of $3.7 billion when including the Vara-Mada project.
* Average annual EBITDA projected at $311 million for the first 15 years.

This followed an updated feasibility study for the Vara-Mada project (formerly Toliara) in Madagascar, released in early January. That study confirmed an NPV of $1.8 billion and expected annual EBITDA exceeding $500 million after ramp-up. These robust economics for its major growth projects form a central pillar of the current analyst optimism.

Forward Look and Key Dates

The next major catalyst for the market will likely be the upcoming quarterly earnings report, scheduled for release on February 25, 2026. Market experts anticipate that Energy Fuels could more than double its revenues in 2026 compared to 2025. However, they also expect near-term profitability to be pressured by substantial capital investments into uranium and rare earths capacity.

The company is targeting several operational milestones:
* Securing regulatory approval for the Phase 2 circuit by mid-2027.
* Commencing construction and achieving commissioning of the Phase 2 facility in Q1 2029.
* Completing the feasibility study for the Donald Project in Australia by the end of Q1 2026.

As emphasized by B. Riley, the results of the Donald Project study could emerge as the next significant driver for the share price, particularly if its economic metrics align with the strength demonstrated by the company's other ventures.